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Risk I/O, a startup specializing in security software for enterprise IT, has announced the appointment of a new CEO and a new round of funding.
The Chicago-based company has installed security veteran Karim Toubba as chief executive. Toubba, who will be based in San Francisco, most recently served as Vice President of Global Security at Juniper, a Sunnyvale, CA-based manufacturer of networking equipment. He has also held executive positions at Ingrian Networks, an enterprise data protection and privacy company, and business telecommunications provider Digital Island. Following John Morris, a former sales executive who joined Cleversafe Inc. in 2013, Toubba is the second executive from Juniper recruited to lead a Chicago tech startup.
Risk I/O’s co-founder and original CEO, Ed Bellis, will remain with the company.
"Risk I/O is growing dramatically, and Karim brings the perfect mix of security knowledge, product strategy and sales expertise to help usher the company through the next phase of its expansion," said Bellis in a news release. “His experience will be a tremendous asset as we focus more heavily on sales and marketing to meet demand for our platform.”
In addition to bringing Toubba aboard, Risk I/O has raised $4 million as part of its Series A financing round, buttressing the company’s total capital to $10.5 million. The financing was led by existing investor Costanoa Venture Capital of Palo Alto, California, with participation from current investors U.S. Venture Partners (USVP), Tugboat Ventures, and Hyde Park Angels.
The startup, which monitors and hierarchizes threats across the Internet based on a customer's IT configuration and potential vulnerabilities, hopes to direct its newfound funds toward customer outreach.
"Risk I/O will use the financing to expand sales and marketing efforts to meet demand from organizations that require better visibility into where they are most susceptible to cyber attack," said Toubba.
Founded in 2011, the company raised $5.25 million in Series A funding in November, 2012. Since 2013, Risk I/O has secured a string of partnerships with threat intelligence providers including AlienVault and 6Scan, and most recently, Dell’s SecureWorks security solutions branch and vulnerability report generator VeriSign iDefense.
"Risk I/O is solving a very real problem facing CISOs today — the need for a clear view of where they are most vulnerable and exposed. Before Risk I/O, it was essentially impossible to identify where attacks are most likely to occur," Toubba said in a statement. "The team has built a sophisticated, easy-to-use platform that delivers immediate value to enterprise users. The company has gained some incredible momentum over the last three years, and I'm excited to join Risk I/O at such a pivotal time in its growth."
